Nigeria’s currency, the Naira, depreciated further against the US Dollar in the foreign exchange market on Wednesday.
Data from the official FMDQ market indicated that the Naira closed on Wednesday at 874.71 Naira per US Dollar, reflecting a decrease of 65.51 Naira from the previous day when it traded at 809.2 Naira per US Dollar.
In the parallel market, the Naira was exchanged for 1110 Naira per US Dollar on Wednesday from 1100 naira the previous day.
Dayyau Mistila, a Bureau de Change operator at Zone 4 Abuja, disclosed that Nigerians bought Dollars at N1100 on Wednesday.
“We sell Dollar at N1110 on Wednesday and buy it at 1100 per Dollar”, he said.
Newssphere recalls that the Naira strengthened against the Dollar when the Central Bank of Nigeria cleared forex backlogs to some commercial banks and airlines last week.